Gazprom most profitable firm on Fortune Global 500

The logo of Gazprom marketing department is seen in front the office located on the Champs Elysees in Paris, January 5, 2009.
REUTERS/Charles Platiau/Files

NEW YORK Russian gas giant Gazprom(GAZP.MM) was the world's most profitable company in 2009 despite ranking 50th in revenue, Fortune magazine said on Thursday with the publication of the Fortune Global 500.

Gazprom's net income fell 17.8 percent to $24.56 billion in 2009, but its standing improved because profits from oil majors that had been ranked higher fell more than 50 percent due to the correction from 2008's historically high crude prices.

That left a company that is 49 percent-owned by the Russian government as the world's most profitable by Fortune's measure, moving up from the No. 2 spot to break a five-year run by Exxon Mobil(XOM.N) in the No. 1 position.

Wal-Mart regained the No. 1 spot by revenue for 2009, leaping over oil companies Royal Dutch Shell and Exxon, which ranked one and two in 2008.

Wal-Mart has held the top ranking in revenue in seven of the past 10 years but fell to third in 2008. The full list is posted on www.fortune.com.

Wal-Mart revenue rose 0.6 percent to $408 billion in 2009, while revenue for Shell and Exxon fell 40 percent and 36 percent, respectively, to about $285 billion for both companies.

China's presence on the list grew to 46 companies, nine more than in 2008, putting China third behind the United States and Japan.

MUMBAI State Bank of India has agreed to sell a 3.9 percent stake in its life insurance arm to affiliates of KKR and Temasek for 17.94 billion rupees ($266 million), the nation's biggest lender said on Friday.